Seems like a decent deal. That said, I think CD's are a good way to go at the moment because there's a good chance the Fed will cut interest rates again (I predict they will keep rates steady at the Oct 31 meeting, but cut rates in December). Such an action would likely lower this 5.1 APY by December
ThursdaysChild
Missed.
posted: Oct. 12, 2007 @ 8:47p
SavingsSquare.com is a product of Kirkpatrick Bank, Edmond, Oklahoma. Kirkpatrick Bank headquarters in Edmond, Oklahoma with branches throughout Edmond and Oklahoma City, Oklahoma, Castle Rock and Colorado Springs, Colorado.
Kirkpatrick bank was charted as American Bank and Trust in March 1970 in Edmond, Oklahoma. In May 1988 a local philanthropic family, the Kirkpatrick Family, purchased American Bank and Trust. As a tribute to the philanthropic endeavors of the Kirkpatrick Family and as a stepping stone to the continued commitment of the communities in which it serves and providing first class financial services to its customers, American Bank changed its name to Kirkpatrick Bank in May 2004.
There are no limits on the number of accounts you can connect and checking, money market and savings accounts are all eligible for funds transfer sources.
you can establish verified external account relationships for additional electronic deposits (must be from a US chartered bank). A relationship can only be established with accounts having the same owner and must be able to accept electronic funds transfers.
Deposits may take 2-3 business days to process. Temporary holds of 5 business days may be placed on deposits received subsequent to you initial deposit. A hold of 10 business days may be placed on your initial deposit.
Square Account withdrawals may be made electronically to any verified external account. Square Account withdrawals may take 2-3 business days to process. You are not allowed to overdraw this account.
Only six preauthorized, automatic, computer or telephone transfers can be made from your Square Account to another account in any month (a month may be either a calendar month or a statement cycle month). If you exceed these limits on more than an occasional basis, we may be required to close your Square Account.
*******
From the FDIC web site: Your Bank at a Glance
Kirkpatrick Bank (FDIC Cert: 20156) is a Federal Reserve Non-member and has been FDIC insured since March 23, 1970. It was established on March 23, 1970. Its main office (headquarters) is located at: 15 East 15th Street Edmond, Oklahoma 73013 County of Oklahoma
I'm from the Edmond/Oklahoma City area and Kirkpatrick Bank is legit (as far as I know) and has been around a long time. I haven't done business with them myself though.
retire35
Senior Member
posted: Oct. 13, 2007 @ 3:40a
I have had an account for about 5 months. It is okay, though not spectacular. They use CashEdge, and transfers take 3-4 days. The website is a bit basic, though functional. You can link to unlimited accounts, which is nice.
Seems like a decent deal. That said, I think CD's are a good way to go at the moment because there's a good chance the Fed will cut interest rates again (I predict they will keep rates steady at the Oct 31 meeting, but cut rates in December). Such an action would likely lower this 5.1 APY by December
I like that you got red for this. Hindsight is 20/20 huh.
ThursdaysChild
Missed.
posted: Dec. 21, 2007 @ 1:26p
jlgrandam said: Anyone know if they pull a hard for account opening?Not according to the Quick Summary in this thread.
jlgrandam
Addicted Member
posted: Dec. 21, 2007 @ 1:59p
Thanks
subdude
Member
posted: Jan. 23, 2008 @ 5:07p
APY dropped to 4.8%
Drinyth
Addicted Member
posted: Jan. 30, 2008 @ 8:19a
Any other folks with more experience with this bank? They seem to be one of the best deals out there right now?
I just opened an account at Savings Square, and its going smoothly. I discovered that you need to call customer service if you want to transfer large amounts of money or do it quickly.
They have a "premium" next-day transfer service. There is NO charge for using this, and it gives you next-day transfers. But it has lower limits. There is an option on the transfer funds web page to specify permium or standard.
The default limits are $2K daily, $5K monthly for premium and for transfers in via Standard. The default for transfers out by standard is $15K/$25K. But you can ask to have the limits raised. The maximum is $20K/$50K for Premium and $100K/$300K for standard.
They do accept ACH in or out from another institution. Their routing transit number is 103001469.
According to a CSR, Savings Square does not charge for wire transfers, either in or out. This is quite unusual and is an excellent feature of this account.
Also, I asked about how soon premium transfers for deposits start earning interest. They said that if I initiate on Monday, it will show in the account and start earning interest on Tuesday.
Drinyth
Addicted Member
posted: Jan. 31, 2008 @ 11:04a
Thanks for the info, blue. I was looking on their website and couldn't find any of this information about limits and what not listed so thank you for that.
So you can only transfer $2k daily and $5k monthly? So hypothetically if I had $20k to put into SS, I could put in $2k on day one, $2k on day two, and $1k on day three. And then have to wait for additional transfers until the next month, eventually getting all the $20k in over four months?
vstrt
Senior Member
posted: Feb. 1, 2008 @ 10:29a
Can anyone confirm a hard or soft pull when opening an account?
Drinyth
Addicted Member
posted: Feb. 1, 2008 @ 10:34a
vstrt said: Can anyone confirm a hard or soft pull when opening an account?
I emailed them and received the following on 1/30 about this matter:
Savings Square said: We do a "soft pull" to verify the information received on your application. Thank you.
They do not allow you to use the premium transfer service for inbound transactions unless the account available balance is at least $750. I found out when I tried to transfer funds. There may also be a similar limitation for outbound premium transfers.
An annoying thing about the premium transfers is that they stay pending for the day after the transfer. So if you initiate a premium transfer deposit of $20,000 (the daily limit) on Monday, the funds appear in your account on Tuesday and are available as promised. But the transfer is still listed as pending on Tuesday. They don't let you make another premium transfer on Tuesday, claiming that you've exceeded the daily limit. It all clears out on Wednesday so that you can do the transfer then.
This slows down how quickly you can get your $50,000 monthly limit in or out of the account.
RisingSun96815
Broke Member
posted: Feb. 6, 2008 @ 9:45a
What is the ABA/routing # for SavingsSquare? I sent an e-mail to customer service, but did not get a response. Maybe it will be easier to use an external ACH service for deposits and withdrawals.
If you initiate a premium transfer on Monday, the full transfer amount will show us under the "Available Balance" on Tuesday. Don't believe it, this is a tease. The funds are not yet available and will disappear from your available balance the next day. They won't really be available for 5 business days.
subdude
Member
posted: Mar. 1, 2008 @ 3:55p
bluechalk said: If you initiate a premium transfer on Monday, the full transfer amount will show us under the "Available Balance" on Tuesday. Don't believe it, this is a tease. The funds are not yet available and will disappear from your available balance the next day. They won't really be available for 5 business days.
This depends on the transfer amount, as I discovered by talking to a CSR. If it is >= $5K there will be a 5 business day delay, otherwise no delay. The interest starts accruing on the day of the receipt regardless of funds availability, however.
One other nice thing about this account is that they email you prior to changing the interest rate. I have never seen this before with any banks; they don't care to notify you.
I think CD's are a good way to go at the moment because there's a good chance the Fed will cut interest rates again Such an action would likely lower this 5.1 APY by December
Lower the rates?! Yeah right, our economy is booming!*
*comments based on Oct. 2007 perspective
busterbaxter
Senior Member - 1K
posted: Mar. 1, 2008 @ 4:15p
subdude said: One other nice thing about this account is that they email you prior to changing the interest rate. I have never seen this before with any banks; they don't care to notify you.
FNBO Direct emailed me with each rate drop. I guess no news is good news then
jfr121
New Member
posted: Mar. 18, 2008 @ 5:23p
The rate fell to 3.50% APY today. Was notified by email.
subdude
Member
posted: Mar. 24, 2008 @ 4:05p
I actually like the swiftness with which they lower the deposit rates in response to Fed rate cuts. At least there's no guessing game and their rate is pretty much up to date wrt to the benchmark rate. The other banks listed in the "best current rate" thread advertise rates as old as Feb 1, thus luring ratechasers into moving the money in despite the imminent drop in APY.
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